Your level of expertise is what I aspire to operate on.

If you are a DC Native, have friends and family local, and know the neighborhoods like the back of your hand... you have a huge value add to any operation. 

There are some really good mentors operating in your part of the country.  

We typically use the following allowances:Revenue:     Vacancy   8 - 10% (even though the vacancy in our areas is running from 4 - 6%).Operating Expenses:Maintenance and repar:  10% (of effective gross revenue)Property Management:   7 - 10% (of effective gross revenue)Reserves:CAPEx reserve:    8 - 10% depending on the age and condition of the property and its major systems.

Saying there is "no" advantage to operating a tax shelter is such an absolute.

Since a lot of operating expenses are variable. maintenance,capex, etc.I would like to hear as a percentage of gross rents.How much the main fixed operating expenses are.

I need help with the down payment and operating capital

I used to install siding, so I can tell it was done well however I can't tell whether it was just cheaper to install siding that tuckpoint the entire building, and I can't tell what is underneath the siding.

Total returns will likely not be as high as you have currently experienced, though if you operate well they certainly can be, but as you point out the cash flow into your pocket will be considerably higher.

These distractions that we have come with the territory but they can also lead to poor operational risk management and be dangerous to ourselves and others.